Pioneer Power to Provide E-Bloc Solution to Support Rove Full-Service EV Charging Centers in California

Multi-Million Dollar Order Significantly Expands E-Bloc Backlog; Will Support Its Full-Service, Ultra High-Speed Charging Locations in California

FORT LEE, N.J., Aug. 7, 2023 /PRNewswire/ -- Pioneer Power Solutions, Inc. (Nasdaq: PPSI) ("Pioneer Power" or the "Company"), a leader in the design, manufacture, service, and integration of electrical power systems, distributed energy resources, power generation equipment and mobile electric vehicle ("EV") charging solutions, today announced that it will provide an E-Bloc system and other related custom control and protection equipment to Rove, a full-service charging center operator in Southern California on a mission to make charging EVs fast, safe, and reliable. 

Pioneer Power's innovative E-Bloc will help Rove develop one of its first full-service EV charging centers, which will include 40 direct-current ultra-fast chargers ("DCFC"), capable of reaching speeds up to 350 kW – making a full charge possible in as little as 15 minutes. Rove plans to utilize renewable energy, integrating onsite solar panels and battery storage, supported by E-Bloc, to supplement the use of electricity from the grid during peak times and support more sustainable energy use. Rove's centers will include onsite amenities like a fresh market, lounge, free Wi-Fi, and car wash. Future Rove centers will be located in Santa Ana, Corona, and Torrance, with plans to open 20 by 2026.

"Rove is a true innovator, creating a state-of-the-art, re-imagined EV charging experience that utilizes renewable energy and creates a compelling consumer experience," commented Nathan Mazurek, Pioneer Power's Chairman and Chief Executive Officer. "We believe that Rove's customer-centric centers will make EV charging not just safe, quick, and reliable but also convenient. We are proud to support this important initiative and believe that our highly flexible E-Bloc solution will help Rove to harness solar and other renewable energy sources and optimize environmental benefits. Rove has an aggressive growth strategy, and we hope to grow with them on this important journey."

Rove CEO Nathan McDonnell added, "We are setting the standard for better public charging for all EVs. With dedicated, clean, and convenient amenities, we hope our full-service centers become a destination for chargers in the region. The flexibility of Pioneer Power's E-Bloc helps make this possible."

"This order, booked during August and scheduled for delivery in 2024, supports our expectation of continued revenue growth," added Mazurek.

About Rove

Rove is a full-service charging station operator in Southern California on a mission to make charging electric vehicles (EV) fast, safe, and reliable. Using a customer-centric approach, Rove plans to build EV charging stations that transform EV charging and encourages EV ownership. Each location will host more than 40 direct-current fast chargers (DCFC), an onsite market, a car wash, a 24/7 lounge, a dog walk, and restrooms. For more information, please visit www.RoveCharging.com.

About Pioneer Power Solutions, Inc.

Pioneer Power Solutions, Inc. is a leader in the design, manufacture, integration, refurbishment, service and distribution of electric power systems, distributed energy resources, power generation equipment and mobile EV charging solutions for applications in the utility, industrial and commercial markets. To learn more about Pioneer, please visit its website at www.pioneerpowersolutions.com.

Safe Harbor Statement:

This press release contains "forward-looking statements" within the meaning of the federal securities laws. Such statements may be preceded by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential" or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company's control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) the Company's ability to successfully increase its revenue and profit in the future, (ii) general economic conditions and their effect on demand for electrical equipment, (iii) the effects of fluctuations in the Company's operating results, (iv) the fact that many of the Company's competitors are better established and have significantly greater resources than the Company, (v) the Company's dependence on two customers for a large portion of its business, (vi) the potential loss or departure of key personnel, (vii) unanticipated increases in raw material prices or disruptions in supply, (viii) the Company's ability to realize revenue reported in the Company's backlog, (ix) future labor disputes, (x) changes in government regulations, (xi) the liquidity and trading volume of the Company's common stock and (xii) an outbreak of disease, epidemic or pandemic, such as the global coronavirus pandemic, or fear of such an event.

More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company's filings with the U.S. Securities and Exchange Commission ("SEC"), including the Company's Annual and Quarterly Reports on Form 10-K and Form 10-Q, respectively. Investors and security holders are urged to read these documents free of charge on the SEC's web site at www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.

Contact:
Brett Maas, Managing Partner
Hayden IR
(646) 536-7331
[email protected]

Kristi Ochoa, VP of Marketing
Rove
(828) 337-6793
[email protected]

SOURCE Pioneer Power Solutions, Inc.

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